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China, Russia & India Push Forward on SWIFT Alternative
What initially began as a Russian initiative for an alternative method of sending financial messages is gaining traction among some of the world’s biggest economies.
finance.yahoo.com
China, Russia & India Push Forward on SWIFT Alternative
What initially began as a Russian initiative for an alternative method of sending financial messages is gaining traction among some of the world’s biggest economies.
finance.yahoo.com
Quick Summary
- Russia developed a financial messaging system in 2014 as an alternative to SWIFT which is currently the world’s largest player in this space.
- China plans to connect its financial system CIPS to bypass SWIFT’s international money transfer network
- India is also looking to join the network. They currently do not have their own domestic messaging system and are exploring options on how to connect to Russia’s system.